Argent Quarterly Investment Commentary – December 2014
“I am an optimist. It doesn’t seem too much use being anything else.” – Winston Churchill
During times of prolonged economic expansion, pundits appear with lots of reasons for concern – why stocks are destined to decline. Sorry, we do not buy it. We remain optimistic and believe 2015 will turn out to be another decent year for the U.S. economy. How that translates into short-term stock market performance is anyone’s guess, but longer-term we still see room for gains. This is a fair value market – not cheap but not particularly expensive. A fair value market to Argent implies a potential annualized return of 8% or so, over the next few years.